Mexico and Canada have managed to avoid U.S. tariffs — for now — after their leaders came to last-minute agreements with President Trump. But barring another eleventh-hour deal, tariffs on goods from China were scheduled to go into force Tuesday, raising the specter of a trade war that could rile the global economy and punish American consumers.

Mexico and the United States have reached a one-month agreement to stave off tariffs and a looming trade war, the threat of which sent global markets tumbling early Monday. The 25% tariffs on Mexico were set to go into effect Tuesday,